Since our last update, we’ve added the following to the ListingTrack database:

📈 40 new companies, bringing our database to 11,000 companies
🔍 11 new events tracked, including mergers, activist campaigns, and short reports—now totaling 2,210 market-moving events

IPO/ Listing Action

Past week

• CoreWeave’s (CRWV) IPO significantly underperformed expectations, raising $1.5 billion at $40 per share versus initial guidance of up to $55, and ending its debut day flat at $40 per share. The Nvidia-backed cloud computing firm had initially targeted a $4 billion raise and a valuation north of $35 billion but closed with a $23 billion fully diluted valuation—aligned with its last private round but well short of IPO targets. The weak debut—amid broader market declines—further compounds concerns about IPO market sentiment, where nearly half of the year’s 10 largest U.S. listings have traded below issue price. — Bloomberg

• CoreWeave (CRWV) disclosed technical defaults on a $7.6 billion loan from Blackstone and Magnetar Capital, due to breaches of administrative covenants related to collateral restrictions when expanding into western Europe. Although no payments were missed, waivers were required in December 2024. CoreWeave's IPO disclosures also cite material weaknesses in internal controls and a heavy reliance on Microsoft (62% of 2024 revenue) and Nvidia (key supplier, customer, and investor). The loan facility had $4.3 billion drawn as of March 2025, at an 11% effective interest rate. — FT

See more: Latest Listings

Upcoming IPO News (Filed)

• eToro (ETOR) has filed for a U.S. IPO, reporting 2024 revenue of $12.6 billion and net income of $192 million, up significantly from $3.89 billion and $15.3 million in 2023. Approximately 96% of 2024 revenue was derived from cryptoassets. The offering is being led by Goldman Sachs, Jefferies, UBS, and Citigroup. The size and pricing of the IPO is to be determined. — Bloomberg

See more: Upcoming Listings

Listing Plans and Rumors

See more: Listing Plans & Rumors

IPOs

• Cerebras Systems’ IPO has been delayed due to an ongoing national security review by the Committee on Foreign Investment in the U.S., now further stalled by pending Trump administration appointments. The prolonged review challenges earlier expectations that the Trump administration would ease such approvals. — Reuters

• Ethos, an insurtech startup backed by SoftBank Vision Fund 2, is exploring an IPO that could take place as soon as 2025. The company has hired Goldman Sachs to assist with the listing process. Ethos was last valued at $2.7 billion in a July 2021 funding round. — Bloomberg

• Kraken, the cryptocurrency exchange, is exploring raising up to $1 billion in debt ahead of a potential IPO, according to sources familiar with the matter. The company is working with Goldman Sachs and JPMorgan, which have started sounding out other banks and lenders. The financing, which could range from $200 million to $1 billion, is intended to support growth rather than meet operational needs. Kraken is also evaluating a possible equity raise alongside the debt. — Bloomberg

• Cybersecurity firm Delinea, backed by TPG, is preparing for an IPO and has hired Goldman Sachs and Morgan Stanley as underwriters. The San Francisco-based company has annual recurring revenue nearing $400 million, which now comprises 95% of total GAAP revenue. IPO plans are under consideration and subject to change. — Bloomberg

• Discord is preparing for an IPO with advisors Goldman Sachs and JPMorgan, targeting a potential listing as early as 2025. The company has not finalized the timing or structure of the offering and may still add advisors. Discord, which previously explored a direct listing, has grown revenue to over $600 million through its Nitro premium subscriptions. — Bloomberg

• Chinese electric truck startup Windrose is planning a US IPO that could raise $400 million this year. The company is also increasing its final round of funding to $300 million as it plans more assembly plants in Europe and the United States. — Reuters

• General Atlantic appointed former Morgan Stanley CEO James Gorman as strategic adviser as it prepares for a potential IPO, possibly by year-end. Gorman will advise CEO Bill Ford and the leadership team on strategy, M&A, and growth initiatives as the firm expands beyond high-growth tech into private credit, infrastructure, climate tech, and secondaries. General Atlantic, which manages over $100 billion in assets, has filed confidentially with the SEC and is positioning itself alongside public alternatives peers such as Blackstone, KKR, and Apollo. — FT

• Anglo American has initiated preliminary discussions with banks to explore a potential IPO of its De Beers diamond business as part of a dual-track process that includes a possible sale. The move is part of CEO Duncan Wanblad’s broader strategy to exit non-core businesses, including previously announced divestitures of its coal, nickel, and platinum assets. De Beers remains the final asset targeted for disposal in Anglo’s portfolio overhaul, which follows the company’s successful defense against a $49 billion takeover attempt by BHP Group. — Bloomberg

Spinoffs

• Toro Corp. (TORO) announced that shareholders will receive one share of its wholly owned subsidiary Robin Energy Ltd. (to trade as RBNE) per 8 TORO shared held as of the April 7 record date. The distribution is set for April 14. Robin Energy shares will initially trade on a when-issued basis under the symbol RBNEV, with the official trading date to be announced. — Nasdaq’

• Honeywell (HON) has announced leadership appointments for its Advanced Materials business ahead of its planned spin-off into Solstice Advanced Materials, a standalone, publicly traded specialty chemicals company expected to be completed by late 2025 or early 2026. The new entity will generate ~$4 billion in annual revenue and be headquartered in Morris Plains, NJ. David Sewell, former CEO of WestRock, will serve as President and CEO. Pierce will be CFO. The spin-off is part of Honeywell’s broader portfolio optimization strategy, which includes ~$11B in acquisitions and the separation of its Aerospace Technologies business by late 2026. — PR

• Safety Shot (SHOT) has set April 7, 2025 as the record date for the spin-off of its subsidiary, Caring Brands, Inc. (CABR). Shareholders of Safety Shot and holders of certain 2021-issued public offering warrants will receive one share of CABR common stock for every 45 shares of Safety Shot common stock or warrant-equivalent held. Fractional shares will be rounded down to whole shares. The distribution is contingent upon SEC effectiveness of CABR’s Form S-1 registration and is expected to be completed by August 9, 2025. — PR

SPACs

• Terrestrial Energy, a small modular nuclear power plant developer, entered into a definitive agreement to merge with SPAC HCM II Acquisition Corp. (HOND), in a deal that values Terrestral at a $925M pre-money equity value. The deal includes a $50M PIPE at $10/share. — PR

IPO Candidates

See more: IPO Candidates

Series C+ and Prominent Fundraising

AI / Robotics/ Quantum

• OpenAI is finalizing a $40 billion funding round led by SoftBank, with participation from Magnetar Capital, Coatue, Founders Fund, and Altimeter. SoftBank is expected to contribute $30 billion across two tranches, and Magnetar may invest up to $1 billion. The round would be the largest in private market history, bringing OpenAI’s valuation to $300 billion, nearly double its prior $157 billion mark from October 2023. — Bloomberg

• Cognition AI, developer of the AI-powered coding assistant "Devin," has raised several hundred million dollars in a new funding round led by 8VC at a valuation nearing $4 billion—doubling its valuation from the prior round. The company launched Devin, which it markets as “the world’s first AI software engineer,” roughly a year ago. — Bloomberg

• Nexthop AI emerged from stealth with $110M in funding led by Lightspeed Venture Partners, joined by Kleiner Perkins, WestBridge, Battery Ventures, and Emergent Ventures. The company develops AI networking infrastructure for hyperscale cloud providers aiming to scale data centers with optimized hardware and software. — PR

• The Bot Company, a robotics startup founded by former Cruise CEO Kyle Vogt, has raised $150 million in a new round led by Greenoaks, bringing its valuation to $2 billion. This follows a previous $150 million round from Spark Capital and former GitHub CEO Nat Friedman, which valued the company at $550 million. The startup is developing hardware and AI-based software to power robots. — Reuters

• Aura, an AI-powered online safety platform for individuals and families, closed a $140 million Series G funding round led by Ten Eleven Ventures and Madrone Capital, with participation from new investor AT&T Ventures and existing backers Accel, Warburg Pincus, and General Catalyst. The raise follows Aura’s tax-free spinoff from Pango Group and values the company at $1.6 billion. — PR

Space/ Quantum/ Nuclear

• Axiom Space is finalizing a new funding round co-led by 1789 Capital and Type One Ventures, targeting at least $100 million in new equity at a pre-money valuation of approximately $2 billion. The round is not yet finalized and terms may change. Axiom, founded in 2016, develops private space stations and human spaceflight capabilities, and competes with companies such as Vast Space, Blue Origin, and Voyager Space. Previous investors include Aljazira Capital, Boryung Co., Declaration Partners, Helios Capital, and Mitsui & Co. — Bloomberg

• Quantum computing startup PsiQuantum is raising at least $750 million at a $6 billion pre-money valuation in a round led by BlackRock, according to sources. The company distinguishes itself by using photonics-based semiconductor manufacturing techniques, partnering with GlobalFoundries to produce quantum chips at scale, with the goal of eventually fabricating millions of units. — Reuters

• Munich-based fusion energy startup Marvel Fusion raised €112 million in a Series B round backed by EQT Ventures, Siemens Energy, and the European Innovation Council. The capital will support development of its laser-based fusion technology as Germany accelerates efforts to compete globally in the zero-carbon power race. The round is one of the largest to date in Europe’s fusion sector, where investment lags behind the U.S. and China. Germany’s incoming chancellor, Friedrich Merz, has expressed strong support for advancing domestic fusion capabilities. — FT

Fintech

• Mercury raised a $300 million Series C funding round led by Sequoia Capital at a $3.5 billion post-money valuation, more than doubling its 2021 valuation. The round includes both primary and secondary funding with participation from Spark Capital, Marathon, Coatue, CRV, and Andreessen Horowitz. The fintech firm disclosed ten consecutive quarters of profitability, $500 million in 2024 revenue, 40% customer growth, and $156 billion in annual transaction volume. — PR

Media/ Consumer

• Patrick Whitesell’s new investment platform, backed by Silver Lake with an initial $250 million, has acquired a ~10% minority stake in Peyton Manning’s Omaha Productions at a valuation exceeding $750 million. The deal marks the first investment for Whitesell’s new venture focused on sports, media, and entertainment. Omaha Productions, known for producing “ManningCast” and Netflix’s “Quarterback” and “Receiver” series, has partnered with major media firms including Disney, Netflix, and NBCUniversal. — CNBC

• Sports gaming startup Underdog raised $70 million in the first close of a Series C round led by Spark Capital, with the total round expected to exceed $100 million. The funding values Underdog at a $1.225 billion pre-money valuation, nearly tripling its Series B valuation from 2022. — PR

Healthcare

• Navina, an AI-driven clinical intelligence platform, has raised $55 million in a Series C funding round led by Growth Equity at Goldman Sachs Alternatives, bringing its total funding to $100 million. — PR

• Supira Medical raised $120 million in an oversubscribed Series E financing round to support expansion of its clinical programs in the percutaneous ventricular assist device (pVAD) space. The round was led by Novo Holdings and Qatar Investment Authority, with additional participation from two unnamed strategics and existing investors including Cormorant Asset Management and The Capital Partnership. The proceeds will support the SUPPORT II U.S. Pivotal Study for high-risk PCI and the company’s cardiogenic shock programs, targeting FDA PMA approval. — PR

Other

• BuildOps, a SaaS platform serving commercial contractors, raised $127 million in a Series C round led by Meritech Capital, valuing the company at $1 billion post-money. The round more than doubles its valuation since its Series B in May 2023. Total funding now exceeds $250 million. — TechCrunch

• Fleetio acquired Auto Integrate and raised over $450 million in financing co-led by Elephant and Goldman Sachs Alternatives, valuing the combined business at over $1.5 billion. The merger creates a comprehensive fleet maintenance and optimization platform servicing 8 million vehicles and over 13 million repair orders annually across North America. — PR

• Enterprise browser firm Island raised $250 million in a Series E round led by Coatue Management, reaching a $4.8 billion valuation just five years after its founding. The company has raised approximately $730 million to date from Coatue and other investors. — PR

IPO Candidate News

• JPMorgan Chase (JPM), in collaboration with Quantinuum, Honeywell’s quantum computing spinoff, which was rumored to be going public this year, has become the first entity to mathematically verify the generation of truly random numbers via quantum computing, as published in Nature. This milestone could have significant applications in cryptographic security and algorithmic trading. — Bloomberg

• OpenAI projects 2025 revenue of $12.7 billion, more than tripling its 2024 revenue of $3.7 billion, according to internal estimates. The growth is driven by strong demand for its paid AI software products. Revenue is forecast to more than double again in 2026 to $29.4 billion, reflecting continued enterprise adoption and expansion. — Bloomberg

IPO Market Commentary

• A growing number of high-profile tech companies, including OpenAI, Databricks, and Anduril, are remaining private longer, raising billions in private markets while delaying IPOs. Firms like CoreWeave and Klarna are preparing public offerings, but most large private companies are opting for secondary sales or strategic funding rounds to provide liquidity without facing public market volatility. Since 2022, only $104 billion has been raised via U.S. IPOs—less than in the last half of 2021 alone—and 7 of the 10 largest IPOs in 2025 have underperformed. While private capital remains accessible, Barclays' Rob Stowe cautions that this funding is not infinite, and capital-intensive firms like CoreWeave will eventually need public exits. — Bloomberg

Theme Pages

Our Theme Pages are highly curated datasets, providing a detailed, categorized view of key industries and emerging market trends. Each page tracks public stock performance, active and closed mergers, news, upcoming IPOs, and prominent or Series C+ private companies. With dedicated pages for industries like AI, Nuclear, New Space, New Age Defense, and Logistics, we will continuously expand our coverage, adding new high-impact industries as market trends evolve.

Merger Announcements

• Clearlake Capital has agreed to acquire Dun & Bradstreet (DNB) in a transaction valued at $7.7 billion, including debt, with an equity value of $4.1 billion. Shareholders will receive $9.15 in cash per share. The deal was unanimously approved by Dun & Bradstreet’s board and is expected to close in Q3 2025. BofA Securities advised Dun & Bradstreet, while Clearlake was advised by Morgan Stanley, Goldman Sachs, JP Morgan, Rothschild, Barclays, Citi, Deutsche Bank, Santander, and Wells Fargo. — PR / Deal Page

• Alcon (ALC) announced it will acquire LENSAR (LNSR) for $14.00 per share in cash, with a contingent value right (CVR) of up to $2.75 per share if 614,000 cumulative procedures are performed using LENSAR’s products between Jan 1, 2026, and Dec 31, 2027. The deal implies a total potential transaction value of approximately $430 million and represents a 24% premium to LENSAR’s 30-day VWAP and 47% to its 90-day VWAP. Lazard advised Alcon; Wells Fargo advised LENSAR. The transaction is expected to close in mid-to-late 2025. — PR / Deal Page

See more: Active M&A

Closings

• Endeavor (EDR) has completed its go-private acquisition by Silver Lake and co-investors, with stockholders receiving $27.50 per share in cash—representing a 55% premium to the unaffected share price. The transaction values Endeavor at a $25 billion enterprise value, marking the largest private equity-sponsored public-to-private deal in over a decade and the largest ever in the media and entertainment sector. Endeavor will retain its controlling stake in publicly traded TKO Group Holdings (UFC/WWE). Endeavor's shares have now been delisted from the NYSE. — PR / Deal Page

• Rafael Holdings (RFL) and Cyclo Therapeutics (CYTH) completed their merger, with Cyclo shareholders receiving 0.3525 shares of Rafael Class B common stock for each CYTH share, representing approximately 22% of the combined entity. Rafael also issued warrants to former Cyclo warrant holders. — PR

• Siemens has completed the acquisition of Altair Engineering (ALTR) for approximately $10 billion in enterprise value. The acquisition strengthens Siemens' digital twin and industrial AI offerings by adding Altair's capabilities in mechanical/electromagnetic simulation, HPC, data science, and AI. — PR

• Intevac's (IVAC) acquisition by Seagate Technology is expected to close on March 31. — Nasdaq / Deal Page

• The First Bancshares's (FBMS) acquisition by Renasant is expected to close on April 1. — Deal Page

• VOXX International's (VOXX) acquisition by Gentex is expected to close on April 1. — Deal Page

• Sandy Spring Bancorp's (SASR) acquisition by Atlantic Union Bankshares is expected to close on April 1. — Deal Page

See more: Closed M&A

Live Deal Coverage and Updates

• Clearlake Capital Group has secured $5.75 billion in debt financing to support its $7.7 billion acquisition of Dun & Bradstreet (DNB), which includes $4.1 billion in equity value. The deal is expected to close in Q3 2025. — Bloomberg./ Deal Page

• The Delaware Court of Chancery ruled in favor of Desktop Metal (DM) in its dispute with Nano Dimension, finding that Nano materially breached the July 2024 merger agreement and rejecting Nano’s counterclaims. The court ordered Nano to execute a national security agreement with CFIUS within 48 hours, the only remaining condition to closing. If the merger has not closed by March 31, 2025, Desktop Metal may extend the end date at its discretion. The ruling is a final judgment and is immediately appealable. Desktop Metal plans to proceed quickly toward closing. — PR / Deal Page

• The UK Competition and Markets Authority (CMA) warned that SLB’s proposed $8 billion acquisition of ChampionX (CHX) could reduce competition in the UK market. SLB and ChampionX have until April 3 to propose remedies to avoid a deeper Phase 2 investigation. SLB previously delayed the deal's close to Q1 or early Q2 2025. — Reuters / Deal Page

• Nippon Steel is reportedly considering increasing its investment commitment to $7 billion to upgrade US Steel (X) facilities, up from a prior $2.7 billion pledge, as it seeks to secure regulatory approval for its proposed $14.1 billion acquisition of the American steelmaker. The report from Semafor suggests active negotiations are underway to salvage the deal, initially announced in late 2023. — Bloomberg / Deal Page

Potential M&A News

• Coinbase (COIN) is in advanced talks to acquire Deribit, the largest crypto options exchange for Bitcoin and Ether, in a deal that could value Deribit between $4 billion and $5 billion. The companies have notified regulators in Dubai, where Deribit holds a license. No final agreement has been reached, and discussions are ongoing. — Bloomberg

• Korean AI chip startup FuriosaAI declined an $800 million acquisition offer from Meta (META), opting to remain independent and continue developing its AI inference semiconductor platform. The startup, led by former Samsung and AMD engineer June Paik, recently launched its second-generation processor, RNGD, which targets competition with Nvidia and other AI hardware startups. — Bloomberg

• VivoPower (VVPR) confirmed receipt of an unsolicited, non-binding all-cash takeover proposal from Energi Holdings, an Abu Dhabi-based energy solutions firm with $1B in annual revenues. The offer values VivoPower at a $120 million enterprise value and targets only non-affiliated free float shares. The proposal is subject to due diligence, and VivoPower’s board is currently reviewing the offer with its advisors. — PR

• Wag! Group (PET) announced that its Board is advancing a strategic alternatives review aimed at maximizing shareholder value. The process may include potential investments, partnerships, a sale, merger, or other strategic transactions. No timeline has been set. BofA Securities is serving as the company's financial advisor. — PR

• Three Democratic senators — Ed Markey, Chris Van Hollen, and Cory Booker — are urging the White House to seek Congressional authority to extend the April 5 deadline for ByteDance to divest TikTok. The extension would replace President Trump's unilateral move in January to delay enforcement of the mandated sale, which was initially required by a 2023 law. The senators criticized Trump’s executive action as unlawful and called for legislation to push the deadline to October, citing ongoing uncertainty surrounding TikTok’s future in the U.S. — Reuters

• Cintas (CTAS) has ended acquisition talks with UniFirst (UNF) after its $275 per share all-cash offer—representing a 46% premium—failed to result in substantive engagement. Cintas CEO Todd Schneider cited a lack of meaningful dialogue around key deal terms as the reason for terminating discussions. — PR

• Lee Enterprises (LEE) extended its shareholder rights plan by one year, now expiring March 27, 2026, in response to an unsolicited acquisition interest from Hoffmann Family of Companies. The plan was originally adopted to protect against creeping control and remains unchanged aside from the new expiration date. The board has not taken a position or timeline on the Hoffmann proposal. — PR

• Grab Holdings (GRAB) is seeking to raise up to $2 billion in a 12-month bridge loan to support its potential acquisition of Indonesian rival GoTo Group. The Singapore-based ride-hailing and delivery platform is in early discussions with banks, and final terms are still being negotiated. The loan would provide short-term financing for the deal as Grab continues its due diligence and takeover talks with GoTo. — Bloomberg

Talks / Offers

• Emeren Group (SOL) has formed a special committee of its three independent directors to evaluate a going-private proposal received on March 17, 2025. Concurrently, CEO Yumin Liu will step down effective April 30, 2025. Independent director Julia Xu has been appointed Interim CEO starting May 1, 2025. The company has launched a formal CEO search process considering both internal and external candidates. — PR

• bluebird bio (BLUE) received an unsolicited proposal from Ayrmid Ltd to acquire the company for $4.50 per share in cash plus a $6.84/share CVR tied to a net sales milestone. This contrasts with bluebird’s existing agreement announced February 21, 2025, to be taken private by Carlyle and SK Capital Partners for $3.00/share in cash and the same CVR. Ayrmid’s offer is subject to confirmatory diligence and other conditions. The board is reviewing the Ayrmid offer. — PR

See more: Potential M&A

Prominent Private Deals (private targets, including public subsidiaries)

Announcements

• Elon Musk announced that xAI has acquired X (formerly Twitter) in an all-stock transaction, valuing xAI at $80 billion and X at $33 billion (reflecting $45 billion equity value less $12 billion in debt). The combination merges xAI’s AI infrastructure, models, and compute capabilities with X’s user base of 600 million and real-time content distribution. Musk framed the merger as a strategic alignment to integrate data, talent, and distribution at scale, positioning the combined entity to deliver advanced AI-driven experiences globally. — X

• Digital pharmacy startup Alto Pharmacy, backed by SoftBank, has agreed to be acquired by Paulus Holdings in a transaction valuing the company between $1 billion and $1.5 billion, according to sources familiar with the matter. The San Francisco-based firm has been exploring strategic options following previous capital raises at higher valuations. — Bloomberg

• Dollar Tree (DLTR) has agreed to sell its Family Dollar segment to Brigade Capital Management and Macellum Capital Management for $1.007 billion, subject to customary adjustments. The divestiture follows a strategic review and aims to unlock shareholder value. Family Dollar will remain headquartered in Chesapeake, VA. Dollar Tree originally acquired the brand for $9 billion in 2015. The transaction is expected to close in Q2 2025. — PR / Deal Page

Potential Deals

• Walden Group, a French logistics firm specializing in pharmaceutical transportation, is exploring a potential sale that could value the business at approximately €1 billion ($1.1 billion). The company, advised by Morgan Stanley, has drawn preliminary interest from potential buyers, including Germany’s DHL Group and US-based Cencora. Discussions are at an early stage, and there is no certainty a transaction will occur. Walden has grown through acquisitions, including Ciblex in 2014 and Movianto in 2020, and rebranded in 2020 to reflect its broader logistics offering. — Bloomberg

M&A Market Commentary & Post M&A Coverage

• Following the collapse of their $25B merger, Kroger (KR) countersued Albertsons (ACI), alleging misconduct and a breach of regulatory obligations tied to divestiture strategies with C&S Wholesale. This legal move follows Albertsons’ original suit seeking damages and a $600M termination fee. Leadership changes at both firms have further complicated the fallout. — Reuters

• A U.S. judge has allowed a shareholder lawsuit against Elon Musk to proceed, rejecting his bid to dismiss claims that he defrauded former Twitter shareholders by delaying the disclosure of his stake. Plaintiffs allege Musk violated an SEC deadline by disclosing his 5% Twitter stake 11 days late, saving over $200 million and misleading the market with passive investment claims and tweets suggesting alternative plans. While some claims were dismissed, the court found sufficient grounds for fraud based on Musk's conduct. The SEC is also pursuing a separate case against Musk related to the delayed disclosure. — Reuters

Activism, Investor Disputes & Shorts

Activism

• Cybersecurity firm Rapid7 (RPD) is close to settling with activist investor Jana Partners, which has been pushing for operational improvements or a potential sale. The proposed agreement includes adding three new directors to Rapid7’s eight-member board and could be announced soon, though terms are still being finalized. — Reuters

• Elliott Investment Management filed a lawsuit against Phillips 66 (PSX) and its board to compel the company to make four board seats available for election at its 2025 annual shareholder meeting. Elliott, which recently nominated seven directors after building a $2.5 billion stake, claims Phillips 66 violated its governing documents by planning to stagger elections with only two seats up for vote in 2025. Elliott stated it would withdraw the lawsuit if the company confirms four seats will be available and ceases what Elliott called defensive maneuvers. — WSJ

• Engine Capital Management has launched a proxy campaign at Lyft (LYFT), nominating two director candidates and calling for strategic and governance changes to address the company's underperformance. The hedge fund is targeting Lyft’s dual-class share structure and stock price weakness. Only four of the company’s 10 board seats are up for election at the upcoming shareholder meeting. Lyft’s current market cap is approximately $5.2 billion. — Reuters

• Activist investor Keith Meister of Corvex Management will join Illumina’s (ILMN) board, while existing director Scott Gottlieb will become chairman. The changes, effective March 28, follow Corvex’s accumulation of a ~2.5% stake in the gene-sequencing firm and reflect pressure to address strategic missteps. Meister also serves on the board of GeneDx, an Illumina customer. — WSJ

• United Steelworkers criticized activist investor Ancora Holdings’ plans to sell US Steel's (X) modern mills to upgrade legacy union-run facilities, while US Steel escalated its opposition to Ancora amid ongoing efforts to close its $14.1B acquisition by Nippon Steel. Ancora, with a 1% stake, continues to push for board and executive changes. — Bloomberg

• Bob Pease, a Phillips 66 (PSX) board member appointed in 2024 with Elliott Investment Management’s support, publicly criticized the activist fund amid a proxy fight in which Elliott is now seeking to replace him. Pease stated that Elliott has been inconsistent in its engagement and declined to allow board-level interaction with its new nominees. The dispute escalates tensions ahead of the upcoming shareholder vote, where four board seats are up for election. Elliott, which holds a $2.5 billion stake in Phillips 66, had originally endorsed Pease for his refining expertise. — Bloomberg

See more: Activism

Shorts

• Short seller Muddy Waters Research published a report targeting AppLovin (APP). — Muddy Waters

• Elliott Investment Management, which has taken a ~5% stake in BP and is pressing for strategic changes, disclosed a 0.5% short position in Shell Plc (SHEL) and a 0.52% short in TotalEnergies SE. These short positions are reportedly part of a hedging strategy to offset BP-specific risks from broader sector movements such as oil price volatility. Elliott’s campaign has led to a strategy “reset” at BP focused more heavily on oil and gas, but the changes have so far failed to fully meet Elliott’s expectations. — Bloomberg

See more: Short Reports

Separations

• Rivian (RIVN) has spun off its micromobility division into a separate company, Also Inc., which will focus on lightweight electric vehicles. Rivian retains a significant minority stake in Also, which secured $105 million in funding from Eclipse Ventures. Rivian CEO RJ Scaringe will serve as Chairman of Also’s board. Future collaborations may leverage Rivian’s retail infrastructure. — PR

• Boeing (BA) is advancing its efforts to divest its Jeppesen navigation business, valued at over $8 billion, and is preparing to solicit final bids from a group of remaining suitors. Potential buyers include private equity consortiums—Vista Equity and Warburg Pincus; Advent International and Permira; TPG and Francisco Partners—as well as strategic and tech-focused bidders such as TransDigm, Thoma Bravo, and Silver Lake. The auction process remains confidential, with bids expected in the coming weeks. — Reuters

• 23andMe (MEHCQ) provided updates on its bankruptcy process and reassurances around the handling of its customer data after it filed for Chapter 11 earlier in the week: The company received authorization to pay employees and critical vendors and to enter into a $35 million DIP financing facility with JMB Capital Partners. The Court also approved procedures for a potential sale of substantially all assets under a Chapter 11 plan or Section 363, requiring compliance with 23andMe’s privacy policy. Moelis will run a 45-day bid solicitation process, and any transaction involving customer data is subject to court and regulatory oversight. A second-day hearing is scheduled for April 22, 2025, to approve additional relief, including final DIP financing terms. — PR

• 23andMe (MEHCQ) was delisted from Nasdaq and is set to begin trading OTC under the new symbol MEHCQ, following its Chapter 11 bankruptcy filing.

• Lytus Technologies (LYTHF) was delisted from Nasdaq and is set to begin trading OTC under the new symbol MEHCQ.

• Luokung Technology (LKCOF) was delisted from Nasdaq and is set to begin trading OTC under the new symbol MEHCQ.

• Kiromic BioPharma (KRBP) filed for Chapter 7 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware on March 21, 2025. — SF

• IMAC Holdings (BACK) was delisted from Nasdaq and is set to begin trading OTC.

• Benson Hill (BHIL --> BHILQ) was delisted by Nasdaq and began trading OTC under the new symbol BHILQ following its Chapter 11 bankruptcy filing.

• Goldenstone Acquisition ((GDST) was delisted from Nasdaq and is set to begin trading OTC.